Tasnee said to obtain deferral on SAR 4 bln loan

Saudi Arabia’s National Industrialization Co. (Tasnee) has obtained creditors’ approval to defer payments on its SAR 4 billion loan for six months, before the first installment was due at the beginning of October, Bloomberg reported on Monday, citing unnamed sources with knowledge of the matter.

The company is in talks to refinance the debt, after refinancing SAR 7 billion worth of debt at its titanium dioxide unit last August.

In 2013, the titanium dioxide producer had inked a SAR 4 billion Islamic financing deal with eight local banks, including Samba Financial Group, Saudi British Bank and Riyad Bank, to fund future projects.

Tasnee may seek to extend the length of the debt, which is due in 2021, the sources added.

The company reported on Tuesday a net profit of SAR 122.2 million in Q3-2016, compared to a net loss of SAR 296.3 million in the same period last year.